Manchester's beautiful trams, whose hoots are one of the loveliest sounds in the world, have won £500 million from the European Investment Bank to increase their network.

The money should guarantee the third phase of the expanding system, taking the fleet of trams to 94, mileage of track to over 60 and stops to 99 (Ooh come on, can't we manage just one more).

The EIB accompanied the announcement with the comment that it was fulfilling a promise:

to support sustainable public transport in leading European cities and to reduce reliance on private car use.

The funding is not going to need repayment in a hurry. The timescale for completion of the full loan is 30 years. By then we may have discovered how to teleport ourselves or possibly abolished offices to save money by working from home. But for now, it's a very welcome expression of faith.

Simon Brooks, vice-president of EIB responsible for the UK, whose receipts from the bank have now topped £17 billion, says:

Extension of Greater Manchester's Metrolink network will transform tram links across the conurbation We are committed to supporting sustainable transport and successful completion of the project will improve the lives of Greater Manchester's residents for years to come.

The Metrolink expansion is the single largest investment in public transport in the UK, outside of London. It will deliver a legacy for Greater Manchester that will regenerate and transform key district centres and provide new connections to the labour market for businesses. As such, it will play a vital role in keeping the region's economy growing now and long into the future.

I'm pleased that we've been able to work with the EIB to realise this ambitious vision on a sound financial footing and I look forward to seeing the network grow and spread to new destinations, across the region, in the coming years.